- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (15/02/1999)
- Gwreiddiol (Fel y'i Deddfwyd)
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Income and Corporation Taxes Act 1988, Section 685G is up to date with all changes known to be in force on or before 14 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Yn ddilys o 06/04/2006
(1)If the trustees of a settlement have made a sub-fund election under paragraph 1 of Schedule 4ZA to the 1992 Act, then for the purposes of the Tax Acts, unless the context otherwise requires—
(a)the sub-fund settlement shall be treated as a settlement,
(b)the sub-fund settlement shall be treated as having been created at the time when the sub-fund election is treated as having taken effect,
(c)each trustee of the trusts on which the property comprised in the sub-fund settlement is held shall be treated as a trustee of the sub-fund settlement,
(d)a person who is a trustee of the sub-fund settlement shall be treated, from the time when the election is to be treated as having taken effect, as having ceased to be a trustee of the principal settlement unless he is also a trustee of trusts on which property comprised in the principal settlement is held,
(e)a person who is a trustee of the principal settlement shall not be treated as a trustee of the sub-fund settlement unless he is also a trustee of trusts on which property comprised in the sub-fund settlement is held, and
(f)the trustees of the sub-fund settlement shall be treated as having become absolutely entitled, at the time when the sub-fund election is treated as having taken effect, to the property comprised in that settlement as against the trustees of the principal settlement.
(2)References in subsection (1) to the time when the sub-fund election is treated as having taken effect are references to the time when the sub-fund election is treated as having taken effect under paragraph 2 of Schedule 4ZA to the 1992 Act.
(3)In this section—
“principal settlement” has the meaning given by paragraph 1 of Schedule 4ZA to the 1992 Act,
“sub-fund election” has the meaning given by paragraph 2 of that Schedule, and
“sub-fund settlement” has the meaning given by paragraph 1 of that Schedule.]
Textual Amendments
F1Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)
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